Aberdeen-headquartered energy procurement firm Craig International has reported an increase in turnover of more than 60% as the company nearly doubled its profits for the year ending April 2023.
Craig Group, which includes Craig International and other subsidiaries, saw turnover grow from £116m to £188m in 2022 – 2023.
Meanwhile, operating profits rose from just over £1m to £2.7m in the same period.
The Bridge of Don-based company said almost 80% of its turnover is attributable to its overseas operations, with significant growth coming from existing and new customers in North America and the Middle East.
Craig International also invested in a new Aberdeen headquarters in 2023, opening a new 10,000 square foot complex in the Granite City.
Craig International also opened a new office in Perth, Western Australia to capitalise on opportunities within the region’s mining, energy and infrastructure sectors.
The new Australia office was the company’s second international expansion in the year following the opening of a Singapore base focused on the fast-growing South East Asian energy market.
Craig Group chairman Douglas Craig said the results reflect the success of the company’s investment in expanding into regions with strong growth potential.
“Our approach, combining over 25 years procurement experience with innovative digital platforms, not only delivers efficiencies for our customers but has also resulted in stronger margins for the group which has enabled us to increase operating profits despite negative exchange rate movements and increases in interest rates and costs,” Mr Craig said.
Closer to home, Mr Craig said the company’s business in the North Sea, which accounts for around £40 million of revenues, has seen improved market conditions in the past year.
“We have retained our leading position, commanding about 70% of the market [in the North Sea],” Mr Craig said.